LPL Financial LLC Boosts Stock Holdings in GigaCloud Technology Inc. $GCT

LPL Financial LLC grew its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 32.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 164,605 shares of the company’s stock after acquiring an additional 40,117 shares during the period. LPL Financial LLC owned 0.41% of GigaCloud Technology worth $2,337,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. CWM LLC increased its holdings in shares of GigaCloud Technology by 319.8% in the first quarter. CWM LLC now owns 2,821 shares of the company’s stock worth $40,000 after purchasing an additional 2,149 shares during the period. Heck Capital Advisors LLC bought a new position in shares of GigaCloud Technology in the fourth quarter worth $79,000. Stratos Wealth Partners LTD. bought a new position in shares of GigaCloud Technology in the first quarter worth $147,000. CreativeOne Wealth LLC bought a new position in shares of GigaCloud Technology in the fourth quarter worth $185,000. Finally, Squarepoint Ops LLC bought a new position in shares of GigaCloud Technology in the fourth quarter worth $189,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Stock Down 0.4%

GCT opened at $32.13 on Tuesday. The stock has a market cap of $1.21 billion, a PE ratio of 9.65 and a beta of 2.36. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $34.50. The business’s fifty day simple moving average is $22.11 and its 200 day simple moving average is $18.18.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.45. GigaCloud Technology had a return on equity of 32.33% and a net margin of 11.17%. The firm had revenue of $322.61 million for the quarter, compared to analysts’ expectations of $290.08 million. During the same period last year, the firm earned $1.03 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

GigaCloud Technology announced that its Board of Directors has approved a stock buyback program on Monday, August 18th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Lake Street Capital upped their price target on shares of GigaCloud Technology from $26.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, August 8th.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.